Overview
- Quoin announced a private placement that could raise up to $104.5 million through a mix of American Depositary Shares, pre-funded warrants, and four series of additional warrants.
- The deal includes an immediate $16.8 million from new and existing institutional investors, providing near-term capital.
- Net proceeds are earmarked for general corporate purposes, research and development, and completing clinical development of QRX003.
- Shares surged intraday to about $20.40, up roughly 149%, after the company said the placement was priced at a premium to the prior close of $8.16.
- The transaction is expected to close on or about Oct. 14, with the ultimate proceeds dependent on future warrant exercises.